Larry recorded the following donations this year: $550 cash to a family in need $2,450 to a church $550 cash to a political campaign. To the Salvation Army household items that originally cost $1,250 but are worth $350.What is Larry's maximum allowable charitable contribution if his AGI is $60,500?a. $1,100.b. $4,800.c. $2,800.d. None of the choices are correct. e. $3,000.

c. $2,800.

Explanation:

Given data:

Cash to family members =$550

Cash to church = $2450

Cash for political campaigns = $550

Larry’s AGI = $60,500

Solution:

= $2450 to church + $350 on house hold items

= $2800.

Larry would only be allowed to count his contributions to the church, and the real value for the house hold items as his charitable contributions. Because both are recognized as non-profit organization's.

c. $2,800

Explanation:

The maximum that an individual can donate to qualifying charities is 60% of his/her adjusted gross income. In this case, Larry can deduct donations to his church ($2,450) + fair market value of items donated to the Salvation Army ($350) = $2,800

Donations to political campaigns are not deductible, nor gifts to families.

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